KUALA LUMPUR, Aug 27 — Bursa Malaysia closed slightly higher today on mild profit-taking, interspersed with bargain hunting in most lower liners, dealers said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.33 per cent or 5.20 points better at 1,554.78 from yesterday’s close of 1,549.58.
The barometer index, which opened 1.37 points easier at 1,548.21, moved between 1,544.12 and 1,554.78 throughout the day.
Market breadth was marginally negative as losers edged past gainers 580 to 545, while 374 counters were unchanged, 535 untraded and 68 others suspended.
Total volume expanded to 13.71 billion shares valued at RM5.55 billion from Wednesday’s 12.12 billion shares worth RM6.18 billion.
Areca Capital Sdn Bhd chief executive officer and fund manager Danny Wong Teck Meng said the local bourse’s upbeat performance was mainly driven by the telecommunications sector, led by Telekom Malaysia Bhd (TM) which rose 8.97 per cent to RM4.13 following its positive second quarter (Q2) results.
In a filing with Bursa Malaysia today, TM reported a net profit of RM274.74 million in its Q2 ended June 30, 2020, up from RM114.18 million in Q2 2019.
“We noticed that companies which produced good financial results will continue to drive the market.
“As for the lacklustre ones, we think most investors have factored in their expectation for the Q2 results, and think that the worse is over for the companies following the (easing of the) movement control order,” said Wong to Bernama.
Moving forward, he opined that investors will look into share valuations and buy shares such as Berjaya Food and Padini on low in anticipation of a better outcome in the remaining quarters this year.
Meanwhile, OANDA’S Asia Pacific senior market analyst Jeffrey Halley said trading in Asian markets was quiet today as regional investors ignored the overnight Wall Street.
He said most regional markets edged lower as investors reduced their positioning ahead of US Federal Reserve chairman Jerome Powell’s address in Jackson Hole later today.
The Nikkei 225 was modestly easier by 0.35 per cent, while South Korea’s KOSPI was 1.05 per cent lower.
Hong Kong’s Hang Seng dropped 0.83 per cent but China’s Shanghai Composite (SSE Composite) Index was up 0.61 per cent.
On the local market, heavyweights Maybank was flat at RM7.46, Top Glove gained six sen to RM26.40, Public Bank gained two sen to RM16.62, Tenaga was up 12 sen to RM11.12 and Hartalega increased 10 sen to RM16.89.
Top gainers Nestle improved 80 sen to RM140.00, Kumpulan Powernet rose 45 sen to RM3.39 and Telekom increased 34 sen to RM4.13.
Among the actives, XOX gained 2.5 sen to 32 sen, Pegasus added one sen to four sen and GPA fell 5.5 sen to 20.5 sen.
Top losers Supermax lost RM1.08 to RM20.20, Carlsberg dipped 70 sen to RM21.82 and Heineken shrank 68 sen to RM20.50.
On the index board, the FBM Emas Index improved 16.12 points to 11,211.59, the FBMT 100 Index was 18.27 points firmer at 11,015.26, while the FBM 70 eased 48.34 points to 14,601.30.
The FBM Emas Shariah Index ticked up 32.29 points to 13,291.58 and the FBM ACE recovered 21.09 points to 11,206.94.
Sector-wise, the Financial Services Index climbed 1.29 points to 12,836.05, the Industrial Products and Services Index was 0.39 of-a-point weaker at 140.26, and the Plantation Index was 48.05 points better at 7,082.04.
Main Market volume increased to 8.06 billion shares worth RM4.10 billion compared with 7.47 billion shares worth RM4.62 billion yesterday.
Warrants turnover narrowed to 447.94 million units valued at RM118.53 million versus 586.47 million units worth RM195.47 million yesterday.
Volume on the ACE Market advanced to 5.19 billion shares worth RM1.32 billion against 4.03 billion shares valued at RM1.36 billion previously.
Consumer products and services accounted for 1.66 billion shares traded on the Main Market, industrial products and services (2.82 billion), construction (831.07 million), technology (513.34 million), SPAC (nil), financial services (70.55 million), property (1.02 billion), plantations (53.37 million), REITs (11.03 million), closed/fund (15,100), energy (718.68 million), healthcare (104.62 million), telecommunications and media (94.74 million), transportation and logistics (114.51 million) and utilities (31.59 million). — Bernama
